What are the two primary credit agencies in Canada?

The two primary credit agencies in Canada are Equifax and TransUnion. These agencies play a crucial role in the financial landscape by collecting and maintaining consumer credit information. Lenders use the data from these agencies to assess the creditworthiness of individuals applying for loans or credit.

Equifax, one of the oldest credit bureaus, provides detailed credit reports that reflect activities such as credit accounts, payment history, and public records. TransUnion offers similar services, tracking individual credit histories and compiling them into reports for lenders. The accuracy and breadth of the information provided by these agencies are vital for making informed lending decisions.

Other choices contain options that are not recognized credit agencies in Canada. For example, Experian is a credit agency primarily operating in the United States, while Credit Karma serves as a financial technology company that offers credit scores but does not function as a traditional credit reporting agency on its own. FICO is known for its credit scoring system but is not a credit bureau. Thus, the correct answer highlights the two established and widely recognized credit agencies in Canada.